Hello everyone! I am wondering if anyone could recommend a good pattern recognition software to a novice? Automated alerts about stuff like "hey you got a bull flag forming on XYZ", "reverse head and shoulders on ABC spotted", "YYY is teetering with a fib retracement level at price X", something useful and not too overwhelming? thanks a lot!
Note that you can't have a bull flag, etc. "forming"; that last bar could reverse and fail at the very last second, and it wouldn't be a bull flag anymore. Most decent platforms have indicators and pattern recognition built in; e.g., TradeStation has tons of that kind of thing. However, the fact that it's that widely and trivially available should also be a very large and loud clue about how useful it is... if any of these things worked, then everybody would use them - and there would be no advantage left.
Human brain is hard wired to find patterns in random suites. Don't waste money on BS software: try to think out the box and see randomness where others see patterns. Read Taleb and make money.
A double top or a double bottom is usually a great pattern, when it occurs at critical levels and given you wqit for confirmation befire entering, usually you will then catch big moves.
Pro real time has an automatic trendlines and candelstick pattern identifier: https://www.prorealtime.com/en/help-manual/candlesticks-detection
Candle stick pattern is a good pattern and it will help you to see the price patterns and price actions in a better way. It will provide more information like when to open a trade and close a trade.